Landmark Cars Ltd's initial public offering (IPO) was subscribed 3.06 times on the third day, primarily due to overwhelming response from qualified institutional buyers, followed by strong response from employees, and non-institutional investors segment.
The company received bids for 2,46,45,244 shares against 80,41,805 shares on offer, according to data from the BSE.
However, only slightly more than half of the retail investors' portion was subscribed. The company received bids for 23,51,726 shares against 40,09,355 on offer for this segment.
The non-institutional investors' portion was subscribed 1.32 times. The company received bids for 22,63,044 shares against 17,18,295 on offer for this segment.
The qualified institutional buyers' portion was subscribed 8.71 times. The company received bids for 1,99,62,817 shares against 22,91,061 on offer for this segment.
The employee portion was subscribed 2.93 times. The company received bids for 67,657 shares against 23,094 on offer for this segment.
On Monday, the company raised ₹165 crore from anchor investors which included Goldman Sachs, PineBridge Global Funds, BNP Paribas, Morgan Stanley Asia (Singapore) Pte, and Elara India Opportunities Fund.
The equity shares were also allocated to domestic institutions that included HDFC Mutual Fund, Nippon Life Mutual Fund, Aditya Birla Sun Life Mutual Fund, Edelweiss Mutual Fund, Maven India Fund, Bengal Finance and Investment, Resonance Opportunities Fund and Quantum State Investment Fund.
The issue has received a 'Subscribe' rating from brokerage firms like Anand Rathi, Arihant Capital, Choice Equity, Marwadi Shares, Reliance Securities, and Ventura Securities.
Axis Capital Limited and ICICI Securities Limited are the book running lead managers.
The public offering of equity shares with a face value of 5 rupees each consists of a fresh issue worth ₹150 crore and an offer for sale (OFS) by existing shareholders of shares worth ₹402 crore.
The proceeds from the fresh issue will be utilised by the company to repay or pre-pay loans of the company and its arms. The company would also use the funds for general corporate purposes.